Idea Cellular declines as PE firm plans to sell stake in the company

Idea Cellular is currently trading at Rs. 166.35, down by 6.00 points or 3.48% from its previous closing of Rs. 172.35 on the BSE.

The scrip opened at Rs. 168.90 and has touched a high and low of Rs. 170.45 and Rs. 164.60 respectively. So far 94169244 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 125.10 on 28-Feb-2014.

Last one week high and low of the scrip stood at Rs. 175.75 and Rs. 157.25 respectively. The current market cap of the company is Rs. 59862.66 crore.

The promoters holding in the company stood at 42.91% while Institutions and Non-Institutions held 26.44% and 30.65% respectively.

US-based private equity firm Providence Equity Partners is reportedly planning to sell 2.4% stake in Idea Cellular in the open market for up to $250 million, highlighting the Rhode Island-based firm's gradual exit from India's third-biggest mobile phone operator. The fresh development will reduce Providence's stake in Aditya Birla Group's telecom flagship from 9.3% to 6.9%.

Through an accelerated book building method launched on September 3, Providence is proposing to sell Idea Cellular stake between Rs 166.30 and Rs 172.30 per share.

Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.